Airbnb 8-K

Summary

Q3 2026 results with Q4 and FY2026 outlook. Revenue reached $4.87B, up 19% Y/Y and Airbnb’s fastest growth in more than three years, driven by strong travel demand and moderately higher average daily rate.

Q4 revenue guidance of $3.22B-$3.28B implies a midpoint decline of 33.3% Q/Q and growth of 16%-18% Y/Y vs Q3’s 19%. Gross Booking Value (the dollar value of platform bookings) growth is expected in the mid-teens Y/Y vs 21%; Nights and Seats Booked (stay nights plus seats booked for services and experiences) is expected to grow at least in the low double digits Y/Y vs 16%. Q4 implied take rate is expected to rise slightly and average daily rate to increase modestly; adjusted EBITDA is expected to rise Y/Y, with non-GAAP margin down slightly partly due to marketing-spend timing. Airbnb raised FY2026 revenue-growth guidance to the high teens and non-GAAP adjusted EBITDA margin to approximately 36% from at least 35.5%; the FY2026 effective tax rate is expected in the mid-teens.

Developments

• Neighborhood pages, local-area guides launched in Paris, produced a meaningful booking uplift during the initial rollout; Airbnb plans to expand them to 1,500 neighborhoods by year-end.
• Airbnb shipped more than 50 products and features in Q3, nearly 70% more than a year earlier. Its AI support assistant resolved approximately 40% of customer-support issues without a human agent, up from one-third in Q2, while support cost per booking fell more than 17% Y/Y. The company plans to begin rolling out its AI trip-planning and booking agent in H1 2027.
• Airbnb has thousands of boutique and independent hotels across more than 60 destinations; approximately 35% of guests whose first Airbnb booking was a hotel later returned to book a home. On 10/22/2026, Airbnb launched an American Express partnership to make more than one million listings available through Amex Travel.
• Airbnb will donate $0.10 of revenue per eligible stay to Airbnb.org, targeting $500M of funding over five years and a path to provide one million nights of free housing annually; hosts’ earnings and guests’ prices are not affected.

Results with guidance

Metric	Guided for Q3 2026	Q3 2026 actual	9M 2026	Q4 2026 guide	FY2026 guide
Revenue	$4.69B-$4.77B	$4.87B (beat)+19% Y/Y, +35% Q/Q	$11.2B+18% Y/Y	$3.22B-$3.28B; 16%-18% growth Y/Y-33% Q/Q at midpoint (worse than reported)	high teens growth Y/Yraised
Implied take rate	—	17.6%	—	up slightly	—
Gross Booking Value	—	$27.7B+21% Y/Y, +1.8% Q/Q	$84.1B+19% Y/Y	mid-teens growth Y/Y	—
Nights and Seats Booked	—	155M+16% Y/Y, +4.5% Q/Q	460M+12% Y/Y	at least low double-digit growth Y/Y	—
Adjusted EBITDA Margin (non-GAAP)	—	52%+2.0 pp Y/Y, +17.0 pp Q/Q	—	down slightly	36%raised from at least 35.5%
Adr	—	—	—	a modest increase	—
Neighborhood pages	—	—	—	—	1.5K

Earlier guidance from the 8-K filed 2026-08-06.

Results without guidance

Metric	Q3 2026	Change	9M 2026
Operating income	$2.02B	+24% Y/Y, +167% Q/Q	$2.87B+26% Y/Y
Net income	$1.89B	+38% Y/Y, +132% Q/Q	$2.87B+32% Y/Y
Diluted EPS	$3.16	+43% Y/Y, +131% Q/Q	$4.77+37% Y/Y
Operating cash flow	$1.51B	+11% Y/Y, +19% Q/Q	$4.49B+8.9% Y/Y
Free Cash Flow (non-GAAP)	$1.43B	+5.7% Y/Y, +14% Q/Q	—
Cash and cash equivalents	$7.27B	+6.6% Q/Q	—
Cash and marketable securities	$12.6B	+7.9% Y/Y, +4.2% Q/Q	—
Diluted shares	597M	-3.9% Y/Y	600M-4.2% Y/Y

What moved the numbers

• Net income growth was supported by a $135M reduction in the income-tax provision; the prior-year quarter included a $213M valuation allowance against deferred tax assets for Corporate Alternative Minimum Tax credits.
• Nights and Seats Booked grew Y/Y at a low-double-digit rate in North America, in the mid-teens in EMEA, and more than 20% in both Latin America and Asia Pacific. Origin net nights grew more than 60% Y/Y in India and more than 30% in Brazil.
• Nights booked on Airbnb’s app increased 29% Y/Y and represented 66% of total nights, up from 62%. First-time booker growth accelerated to 13% Y/Y, its highest rate since early 2022.
• Airbnb repurchased $0.7B of Class A shares in Q3 and authorized up to an additional $12B in repurchases—about 95% of its $12.6B in cash, short-term investments and restricted cash at 9/30/2026. Common shares outstanding were 589M at quarter-end vs 608M a year earlier; fully diluted share count has declined approximately 10% since Q3 2022.
• On 10/30/2026, Airbnb entered a new five-year, $1.0B unsecured revolving credit facility, replacing its 2022 facility; the commitment is about 8% of its $12.6B in cash, short-term investments and restricted cash at 9/30/2026. Reserve Now, Pay Later bookings shift fee collection closer to the stay; unearned fees were $1.5B at quarter-end, while $7.4B of funds were held on behalf of customers.

Other guidance (2)

Metric	Period	Guidance
Adjusted EBITDA (non-GAAP)	Q4 2026	increase year-over-year
Effective tax rate	FY2026	mid-teens

Figures extracted from the filings and checked against their text; changes and verdicts computed from them.